A defamation case in New Jersey has reignited one of the iGaming industry’s most bitter rivalries, after court documents revealed that Playtech was behind the controversial 2021 “smear campaign” targeting Swedish gaming giant Evolution AB.

Evolution said it learned through court discovery that Playtech Software Limited, a subsidiary of Playtech, hired private intelligence firm Black Cube in late 2020 to prepare and circulate a report accusing Evolution of operating illegally in prohibited markets such as China, Iran, and Sudan. Evolution has consistently denied the allegations, calling the campaign “a deeply disturbing act by a competitor willing to fabricate falsehoods to damage our reputation and business.”

According to filings, Playtech paid Black Cube more than £1.8 million ($2.4 million) for the investigation, while law firm Calcagni & Kanefsky LLP – responsible for submitting the report to regulators – received roughly $33,700. The disputed report, produced in November 2021, was submitted to the New Jersey Division of Gaming Enforcement (DGE) and the Pennsylvania Gaming Control Board (PGCB) and later leaked to Bloomberg and other media outlets. It alleged that Evolution supplied unlicensed operators and accepted bets from players in restricted jurisdictions.

Evolution filed a defamation suit in December 2021 against Black Cube, Calcagni & Kanefsky, and unknown parties – now identified as Playtech – alleging defamation, fraud, trade libel, and interference with business relations. The company claims the campaign caused “multi-billion-dollar damage” to its business and share value. Both U.S. regulators ultimately found “no evidence” of wrongdoing. In February 2024, the DGE and PGCB concluded their inquiries without further action, and the New Jersey Superior Court later branded the report “not truthful” and “objectively baseless.”

Evolution says the case has exposed “anti-competitive tactics” and “highly unethical behavior,” alleging that Black Cube used false identities, covert recordings, and manipulated interviews with former employees to support a predetermined narrative. Playtech has not denied commissioning the report but insists it acted lawfully and responsibly.

According to Playtech, its subsidiary commissioned the investigation to verify “credible and repeated concerns” from operators and regulators about Evolution’s activities in prohibited or grey markets. “The report clearly evidences that Evolution’s business practices undermine lawful and compliant gambling operations,” Playtech said, adding that such behavior “damages trust in the credibility of the entire industry and impacts government tax collection.” Playtech CEO Mor Weizer was reportedly aware of the investigation, which began in December 2020. The company maintains that its intent was to ensure market integrity, not to defame a rival.

News of Playtech’s involvement sent its shares tumbling more than 30 percent, wiping roughly £300 million ($388 million) from its market value and marking their lowest point since early 2020. Evolution’s stock, meanwhile, remained relatively stable on the Stockholm exchange. Analysts are also concerned that the saga risks damaging the broader iGaming industry’s credibility. “

While Playtech faces reputational fallout, Evolution remains under regulatory review in Great Britain. The Gambling Commission launched an inquiry into the company’s supplier license in December 2024 after discovering that some of its content had been made available to unlicensed operators. In response, Evolution has exited several grey markets across Europe and deployed geo-blocking tools to tighten compliance. CEO Martin Carlesund admitted in July that the cleanup has been costly, with profitability hit in the first two quarters of 2025. “We’re working hard to be proactive in the European market, but it’s proving more expensive than expected,” he told analysts.

Playtech’s identity as the commissioning party was confirmed after a series of court orders forced Black Cube to reveal its client, ending nearly four years of secrecy. The firm had tried to block disclosure through multiple appeals, all rejected by New Jersey’s Appellate Division and Supreme Court in September 2025. Evolution now plans to amend its lawsuit to include Playtech as a defendant. “Although Playtech has finally been identified, Black Cube continues to withhold evidence despite court orders,” the company said. “We will hold all parties responsible for this defamatory scheme.”

Playtech, however, says it stands by its actions. “Evolution continues to avoid legitimate scrutiny rather than addressing longstanding questions about its conduct,” the company reiterated. The case is expected to proceed well into 2026, with industry observers warning that its outcome could reshape how corporate intelligence is used – and abused – within the global gaming sector.